Swtizerland's retail sales decreased for a third month in row in December, and at the fastest pace since April, despite Christmas holidays as households cut back on spending amid high inflation, preliminary data from the Federal Statistical Office showed Tuesday. Total retail sales decreased 2.8 percent year-on-year following a revised 1.4 percent slump in November. Economists had expected the pace of decline to moderate to 0.7 percent. This was the worst fall since April, when sales shrank 5.7 percent.Excluding service stations, sales decreased 3.0 percent following a 1.8 percent fall in the previous month. In December, the biggest decline of 9.6 percent was witnessed in the group that included sales of other household equipment, textiles, do-it-yourself products and furniture.
This was followed by a 6.2 percent fall in the sales of food, beverages, and tobacco. Non-food sales decreased 0.6 percent.
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